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\n\t\t\t\t\tIf you work independently or own a business, then you know that it pays to keep your taxable income as low as possible. That makes you a smart business person. But the story can change when you try to get a mortgage. Your income \u2013 at least on paper \u2013 may not support the mortgage payments, and you could be penalized for smart income management. Innovative lenders had already begun to recognize that your T4 may not tell the whole story, as a myriad of stated-income mortgages have been launched over the last few years.<\/p>\n
The newest mortgage does the unthinkable: it doesn\u2019t require you to show your income records. In fact, there is no income declaration, no Notice of Assessment, and no confirmation of business ownership. It doesn\u2019t even include your income as a factor in qualifying you for your mortgage.<\/p>\n
So how does the lender assess whether you\u2019re a good credit risk? They look at your credit history. If you have consistently paid your bills and your loans then you\u2019ve demonstrated the kind of financial responsibility that suggests you can manage your mortgage. That\u2019s the record your mortgage lender will rely on, although they will also verify your employment and assess the loan amount based on your field of work.<\/p>\n
With this latest mortgage option, entrepreneurship and prudent income management are no longer a liability when it\u2019s time to buy a home. It\u2019s an exciting time to be buying a home \u2013 with more options than ever before.
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If you work independently or own a business, then you know that it pays to keep your taxable income as low as possible. That makes you a smart business person. But the story can change when you try to get a mortgage. Your income \u2013 at least on paper \u2013 may not support the mortgage […]<\/p>\n","protected":false},"author":2,"featured_media":8867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"If you work independently or own a business, then you know that it pays to keep your taxable income as low as possible. That makes you a smart business person. But the story can change when you try to get a mortgage. Your income \u2013 at least on paper \u2013 may not support the mortgage payments, and you could be penalized for smart income management. Innovative lenders had already begun to recognize that your T4 may not tell the whole story, as a myriad of stated-income mortgages have been launched over the last few years.\r\n\r\nThe newest mortgage does the unthinkable: it doesn\u2019t require you to show your income records. In fact, there is no income declaration, no Notice of Assessment, and no confirmation of business ownership. It doesn\u2019t even include your income as a factor in qualifying you for your mortgage.\r\n\r\nSo how does the lender assess whether you\u2019re a good credit risk? They look at your credit history. If you have consistently paid your bills and your loans then you\u2019ve demonstrated the kind of financial responsibility that suggests you can manage your mortgage. That\u2019s the record your mortgage lender will rely on, although they will also verify your employment and assess the loan amount based on your field of work.\r\n\r\nWith this latest mortgage option, entrepreneurship and prudent income management are no longer a liability when it\u2019s time to buy a home. It\u2019s an exciting time to be buying a home \u2013 with more options than ever before.","_et_gb_content_width":"","sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-18","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages-finances"],"yoast_head":"\n